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Life Storage, Ferguson Electric buyers in big property sales

Life Storage, the publicly traded self-storage company based in Amherst, has acquired a City of Tonawanda property housing one of its facilities.

The company paid $1.81 million to purchase the property at 555 Young St. from 93 NYRPT LLC, an affiliate of Benderson Development Co., according to documents filed with the Erie County Clerk's office.

The 1.58-acre property features two buildings with 35,690 square feet. It was built in 1978 and renovated in 1990.

Formerly Sovran Self-Storage Inc. until a rebranding in August 2016 following an acquisition, Life Storage is one of the nation's largest self-storage operators, with over 700 locations in 28 states. The sites were branded as Uncle Bob's Self-Storage until the name change three years ago.

Also this month, Ferguson Electric Construction Co. Inc. paid $1.35 million to purchase a South Buffalo industrial manufacturing facility from Orchard Park-based developer Krog Corp.

Located at 580 Tifft St., the 53,700-square-foot former Hood Industries plant was constructed in 1950 and sits on 6.63 acres, with 25-foot ceilings and three grade-level overhead doors. It's close to the Ford Stamping Plant, between Route 5 and Hopkins Street.

Founded in 1935, Ferguson is a full-service electrical contracting firm, offering electrical design, service, maintenance, engineering and construction services throughout the region for commercial, data center, educational, hospital, industrial and utility clients.

And E. Richard Gilewicz of Orchard Park, through 2865 Sheridan Drive LLC, paid $1.005 million to buy a one-story retail building on Sheridan Drive in the Town of Tonawanda from Siu Lam LLC, controlled by Man Siu of Amherst.

The 8,500-square-foot building at 2865 Sheridan was constructed in 1976 on 0.71 acres. Tenants include Al Ross Screen Printing & Embroidery, an Asian restaurant, Granny's Family Restaurant and VV Nail Spa. Spicy Thai Restaurant, Subway and Fast Signs were previously tenants in the building, but the restaurants closed while the sign store relocated.

In other recent deals:

  • Speedway LLC, the convenience store and gas station subsidiary of Marathon Petroleum Corp., continues to complete its acquisitions of 33 former Noco Express stores from Noco Energy Corp. Marathon, of Findlay, Ohio, did not disclose the price it paid for the Tonawanda company's retail stores. But records show Noco paid off a $29.9 million consolidated mortgage loan from J.P. Morgan Chase & Co. - an indication of the total size of the real estate portfolio being sold. Also, the real estate transactions are recorded with the county.

Eight stores in Buffalo, Lackawanna, Cheektowaga and Hamburg were already sold in July for $2.28 million, while Noco's fuel terminal was acquired for $2.93 million. Since then, Marathon completed 22 additional purchases in Amherst, Buffalo, Cheektowaga, Clarence, Grand Island, Kenmore, Lackawanna, Lancaster, Orchard Park and Tonawanda, totaling $17.73 million.

  • Fred J. Hanania's Hanania Family Partnership sold 7621 and 7631 Transit Road in East Amherst to Ron Toski's Lakewood Management Services LLC for $950,000. The seven-acre property includes the one-story former home of Bitterman's Automotive Center, which closed after more than three decades of operation, and a 2,352-square-foot multi-family house, built in 1957. Hanania bought the properties from the Bitterman family in 2017.
  • Benderson, through 6711 TR LLC, paid $875,000 to buy 6711 Transit Road from Peter S., Darren, Dana, Deeanna M. and Brian P. Galla Jr., of Florida and New York. The one-acre Lancaster property houses a 2,844-square-foot Dairy Queen DQ Grill & Chill Restaurant in a one-story building constructed in 2008.
  • Investors Christian O. Gorino and John B. Collins Jr., through Wilbury Place Holdings LLC, paid $785,000 to buy 52 Wilbury Place in Buffalo from real estate investor and commercial mortgage broker Zachary Casale, through his 418727 Group LLC. Built in 1980 and located near the intersection of Hertel and Delaware avenues, the property is a two-story multi-family apartment complex with eight units.
  • Getzville investors Timothy J. and Carole Waterman, through their respective Waterman Estates LLC and Russo Estates LLC, sold a multi-family apartment building at 2600 Elmwood Ave. in Kenmore to John S. Krytus' Krytus Inc. of Buffalo for $750,000. The 11,188-square-foot, two-story complex has 12 units and was built in 1965, on 0.28 acres. The brick building includes eight one-bedroom and four two-bedroom apartments, with garages.
  • Derrick Corp. paid $750,000 to buy the former L&W Supply branch store at 675 Duke Road in Cheektowaga from L&W Supply Corp., a building supplies and construction materials distributor. The 10,000-square-foot complex of four buildings, constructed in 1989, sits on 0.55 acres.

Chicago-based L&W - which sells products like drywall, wallboard, steel framing, joint treatment, insulation, fasteners and tools - has 150 locations in 35 states nationwide, but Duke Road was its only Buffalo-area branch. The company was owned by gypsum and building products manufacturer USG Corp., but was sold in 2016 to ABC Supply Co. Inc. for $670 million.

Derrick makes separation equipment used for the mining, oil and gas, and industrial fields.

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